Évolution des Banques Centrales modernes

Evolution of Central Banks from Issuing Banks

• Modern central banks inherited the traditions of older issuing banks.
• These issuing banks were categorized as either Baltic-style (State-controlled banks of commerce) or continental-style (trade-financing banks independent from the State).
• 20th-century issuing banks changed gradually into central banks.
• Their client base narrowed to commercial banks and governments, becoming primary financial actors.
• Commercial banks are now secondary actors, called secondary banks.
• Modern central banks issue two forms of money:
  • Fiat currency accessible to all.
  • Scriptural money, accessible only to secondary banks and governments.
• Central Bank Digital Currencies (CBDCs) might alter this situation.
• Post-20th century, states created central banks directly (e.g., during decolonization).
• This was related to the abandonment of gold and silver as currency.

Key Characteristics of Modern Central Banks

• Monopoly on issuing fiat currency.
• Non-profit status.
• Lender of last resort function.
• Supervisory and prudential control function.

Monopoly on Fiat Currency Emission (Specific examples)

Bank of England (BoE)

• Initially, BoE's monopoly was indirect (1709 authorized to issue banknotes).
• 1826 allowed chartered banks, but they couldn't issue banknotes in London.
• 1844 Peel's Act established BoE's national monopoly on banknotes (with exceptions for pre-existing banks).
• Gradual dominance of BoE through bank acquisitions.
• Confirmed after nationalization in 1946.
• A few commercial banks remain in Scotland and Ireland.

Bank of France (BdF)

• Founded in 1800, free banking allowed for multiple issuing banks (including some in Paris).
• In 1803, the French government granted a local fiat currency monopoly to private entities.
• BdF became the sole authorized issuer in Paris.
• 1819 created departmental issuing banks in major cities.
• Competition led BdF's dominance to be threatened.
• BdF created branches in growing cities to counter potential competition from departmental banks.
• 1848 revolution led departmental banks into difficulty, paving the way for BdF's acquisition of the banks.
• Established national (but not legally mandated) monopoly through acquisitions.
• 1860 annexation brought a Dauphiné-based issuing bank (a conflict ultimately resulting in BdF's victory, gaining legal and permanent monopoly from semi-nationalization in 1936 to full nationalization in 1945).